Global Smart Agriculture Market expected to reach USD 15,344 million by the end of 2025, growing at a CAGR of more than 13.09% between 2017 and 2025
Sarasota, FL -- (SBWIRE) -- 04/19/2019 -- With the presence of a large pool of participants, the global smart agriculture market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Ag Leader Technology, Inc, AGCO Corporation, Ag Junction LLC, Raven Industries Inc., Precision Planting LLC., and SemiosBio Technologies Incorporation are some of the key vendors of smart agriculture across the world. These players across are smart agriculture market focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the smart agriculture market study.
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Citing an instance, on August 15, 2018, Cambridge University held a smart agriculture summit. Reportedly, the world's leading scientists gathered at AgriFood Robotics Workshop and Hackathon in Cambridge University's engineering department. Experts are of the view that such initiatives will not only promote the Industry-Academia collaborations, but also provide impetus to growth of smart agriculture market over the years to come.
As estimated in this report, the global smart agriculture market stood at US$ 5,098 million in the year 2016. Witnessing a tremendous rise during the period from 2017 to 2025, the revenue in this market is expected to reach US$ 15,344 million by the end of the forecast period. The main types available in this smart agriculture market are precision farming, livestock monitoring, fish farming, smart greenhouse, orchid, forestry, and horticulture. Among the three, the demand for precision farming is relatively higher and the trend is anticipated to remain so over the next few years, notes the smart agriculture market research report.
Mounting Need To Acquire More Crop Produce To Enhance Market Trends
"Escalating requirement for monitoring crop yield, milk harvesting, water management, farm labor management, crop scouting, animal tracking & navigation, and breeding management will further spur smart agriculture market in the coming years," says the author of this smart agriculture market study. Apart from this, smart agriculture market is projected to garner a humungous growth over the next few years with the mounting use of advanced cloud-based software in smart farming techniques offering remote access & monitoring of day-to-day agricultural activities.
Huge Food Demand To Support APAC's Regional Dominance
Regionally, Asia Pacific has been leading the worldwide smart agriculture market and is anticipated to continue on the dominant position in the years to come, states the smart agriculture market study. Escalating demand for food and other dairy items is the main factor behind the dominance of the Asia Pacific smart agriculture market. The dominance can also be attributed to rapidly swelling population in countries such as India and China along with growing food requirement in these regions. In addition to this, the rural economies of the countries in the APAC region are agriculture-based and this will further drive the demand for advanced techniques in farming to get more crop harvest, thereby supporting the smart agriculture market trends.
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The global smart agriculture market is segmented as follows:
By Agriculture Type
Automation and Control Systems
Guidance and Steering
Handheld Mobile Devices/Handheld Computers
Flow and Application Control Devices
Sensing and Monitoring Devices
RFID Tags and Readers
Transmitters & Mounting Equipments
Others (Orchid, Forestry, and Horticulture)
By Software Type
Software As A Service (SaaS)
Platform As A Service (PaaS)
System Integration and Consulting
Support and Maintenance
Farm Operation Services
Supply Chain Management Services
Climate Information Services
By Solution Type
Agriculture Asset Management
Supervisory Control and Data Acquisition
Logistics and Supply Chain Management
Smart Water Management
Weather Tracking and Forecasting
Farm Labor Management
Fish Tracking and Fleet Navigation
Water Quality Management
The Middle East and Africa
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